Card 1
Term
Liability
Definition
Obligation owed to others
Card 2
Term
Equity
Definition
Owner's interest in the company
Card 3
Term
Income Statement
Definition
Shows revenue and expenses
Card 4
Term
Expense
Definition
Cost incurred in business
Card 5
Term
Ledger
Definition
Book of financial accounts
Card 6
Term
Audit
Definition
Examination of financial records
Card 7
Term
Journal Entry
Definition
Record of a transaction
Card 8
Term
GAAP
Definition
Generally Accepted Accounting Principles
Card 9
Term
Cash Flow
Definition
Movement of money in and out
Card 10
Term
Depreciation
Definition
Reduction in value of an asset
Card 11
Term
Revenue
Definition
Income from sales
Card 12
Term
Balance Sheet
Definition
Statement of assets, liabilities, and equity
Card 13
Term
Accrual
Definition
Recording revenues and expenses when they occur
Card 14
Term
Trial Balance
Definition
List of all accounts and their balances
Card 15
Term
Asset
Definition
Resource owned by a company